Briefly:

(December 5, 2003) Manulife Mutual Funds today announced the termination of the Elliott & Page Canadian Alphametrics Fund and the Elliott & Page U.S. Alphametrics Fund.

In a statement, Manulife said the decision was taken in consultation with the funds’ sole institutional investor.

The funds, which will be closed effective December 15, had combined assets of about $57 million.

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Mutual fund industry honours Cundill, D’Allesandro

(December 4, 2003) Veteran fund manager Peter Cundill and Manulife president Dominic D’Allesandro were the big winners at the Canadian Investment Awards gala in Toronto. Cundill, who manages Mackenzie’s Cundill fund family, was named Fund Manager of the Year at Wednesday night’s awards while D’Allesandro took the Career Achievement Award.

Mackenzie also took home five awards for its funds, including Specialty Fund of the Year and Global Equity Fund of the Year. Mackenzie also won the Advisors’ Choice Education Award.

AIM Trimark received five awards, including Advisors’ Choice Company of the Year, Advisors’ Choice Service Award and Best Advisor Web site.

Fidelity’s four awards included the Investors’ Choice Company of the Year and the Technology Award. AGF garnered two fund awards and three marketing accolades.

A couple of smaller fund firms were also honoured. Toronto’s Chou Associates and Calgary’s Mawer Investment each won a pair of awards for their funds.

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Back-to-back gains for funds

(December 3, 2003) Net new sales of mutual funds rose to around $500 million in November, according to preliminary data released by IFIC. It’s the second straight month of positive sales for the industry.

Total fund assets rose to about $430 billion in November, compared to $420 billion the previous month. “This marks the highest that net assets in the industry have been since May 2002,” said IFIC president Tom Hockin.

In October, mutual fund net sales came in at $455 million, fuelled by long-term funds.

RBC Asset Management remains top among the fund companies, followed closely by Investors Group and CI Funds, which recently added Assante and Synergy’s assets. AIM Trimark and CIBC round out the top five.

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U.S. mutual fund investors staying the course

(December 3, 2003) Despite rocky markets and high unemployment, U.S. investors continue to show faith in mutual funds, according to a survey conducted by the Investment Company Institute (ICI).

As of July 2003, 48% of all U.S. households owned funds, about the same as the previous year. Nearly one-third of American households own funds inside employer-sponsored retirement plans, also unchanged from 2002.

However, the total number of individual investors owning mutual funds declined to 91.2 million in 2003 from 94.9 million in 2002.

“The harsh financial environment and weak performance in equity markets starting in 2000 contributed to the decline in overall household fund ownership,” said ICI president Matthew Fink. “Despite difficult equity markets, ownership of mutual funds within employer-sponsored retirement plans increased to record numbers.”

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BoC stands pat on rates

(December 2, 2003) The Bank of Canada is maintaining the target for the overnight rate at 2.75%, with the bank rate remaining at 3%. The bank said the economy would require the continued low rate to kick-start the economy, which has proven more sluggish than expected.

“As a result of weak growth in Canada in the third quarter and downward revisions to growth rates in the first and second quarters of 2003, the output gap is now larger than the bank had estimated in the October Monetary Policy Report,” read a statement issued by the bank.

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Scotiabank posts huge profit

(December 2, 2003) Scotiabank announced a record profit for 2003, earning $2.477 billion or $4.69 per share. Last year’s earnings were hit hard by charges the bank took over its dealings in Argentina, but even with these factored out, profits rose by 6%.

“A substantial reduction in credit losses has been a driving force in Scotia Capital’s increased performance this year and has helped us to earn through the negative impact of foreign currency translation as a result of the strengthening Canadian dollar,” said Peter Godsoe, chair and CEO.

In the fourth quarter, the bank earned $660 million, up 13.2% from the same quarter in 2002.

Scotiabank’s board of directors elected Richard E. Waugh to succeed Godsoe as CEO, effective today. Godsoe remains as chair, but intends to step down on March 2, 2004.

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Maritime Life expands seg fund lineup

(December 1, 2003) Maritime Life is expanding its lineup of segregated funds, today introducing one new fund and adding four external funds to its seg fund family.

The Canadian Bond Index Fund is exclusive to Maritime Life. The Fidelity Canadian Asset Allocation Seg Fund is the largest balanced segregated fund in the country.

The Talvest Millennium High Income Seg Fund invests in the income trust sector. The other two funds come from AIM Trimark: The Trimark Income Growth Seg Fund and the Trimark Seg Fund.

Each of the five funds is backed by Maritime Life’s maturity protection and daily reset features.

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TD adds funds to advisor series

(December 1, 2003) Financial advisors are getting greater access to TD Asset Management’s family of mutual funds. TD announced today it is adding eight funds to its advisor and F series.

The TD Short-Term Bond Fund, TD Global RSP Bond Fund, TD Dividend Income Fund and TD International Equity Fund are now available in the advisor series, as is the TD Income Advantage portfolio, a fund-of-funds product which invests in income-generating mutual funds.

The TD High Yield Income Fund, TD Canadian Blue-Chip Equity Fund and TD U.S. Large-Cap Value Fund have been added to TD’s F series.

“Advisors make a significant contribution to our sales results and we want to make sure we are giving them the choice and flexibility they need in order to serve their clients,” says Steve Geist, president of TD Mutual Funds.

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(12/01/03)